According to Bloomberg, gasoline in Fargo, North Dakota has hit 12 cents a gallon at 'the rack' - the wholesale market where gas station owners buy fuel before marking it up at the pumps - which have become "little more than makeshift storage for ballooning inventories." 

"When you see gasoline down around 12 cents a gallon, no one is going to be making money," said Ron Ness, President of the North Dakota Petroleum Council, who added that it's nearly impossible for retailers to turn a profit at that price.

"Our gasoline business has been cut in half," said David Olson, general manager of RJ's Gas Station outside of Fargo. Nearby, Shaun Lugurt told Bloomberg that he estimates sales at his station have tumbled 80% in a month.

"The biggest part for us that has been so hard is the unknown," said Lugurt, adding "It's been kind of a roller coaster." Lugert co-owns Don's Car Washes, and has also been forced too cut back store and worker hours.